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3(16) & 3(38) Fiduciary Services
A 3(16) fiduciary is a service provider hired by an employer to function as a “Plan Administrator.” They are responsible for the day-to-day administration and operation of an employee benefit plan, typically including retirement plans like a 401(k) plan. Overall, a 3(16) fiduciary plays a crucial role in managing the administrative aspects of a retirement plan, helping to protect the plan sponsor, and ensuring the smooth operation and compliance of the plan.
- Helps reduce fiduciary liability
- Handles administrative tasks such as plan document preparation, participant disclosures, notices, and reporting requirements
- Handles participant communication by providing them with required notices, enrollment materials, and educational resources
- Improves plan administrative efficiency
- Provides expertise and experience which helps ensure that administrative functions are performed correctly and efficiently
- Helps reduce Fiduciary Liability
- Prudently selects and monitors the plan’s investment options
- Provides investment and market expertise
- Obligated to act in the best interest of the plan and plan participants
- Regularly monitors the investment managers and suitability of the plan’s investment options
- Participants can have peace of mind knowing that their investments are being handled by a knowledgeable and impartial expert. This can instill confidence in the retirement plan, potentially leading to increased participation rates and better participant outcomes
CEFEX (Centre for Fiduciary Excellence) certification signifies that the Plan Administrator and Investment Advisor adhere to a set of fiduciary best practices. These practices are designed to ensure that we are acting in the best interests of the plan participants, demonstrating a commitment to fiduciary responsibility and ethical conduct.
- Simplifies the due diligence process when selecting a retirement plan provider
- Provides an independent validation of our adherence to fiduciary standards. This external validation adds credibility and trust, assuring the plan sponsor that we are continuing to meet high standards
- Gives the plan sponsor confidence that they have engaged a qualified and responsible service provider, reducing their own exposure to fiduciary risks and potential litigation
- CEFEX certification is not a one-time event but an ongoing commitment. We are subject to regular monitoring and recertification, ensuring that we maintain compliance with fiduciary standards
Comprehensive Retirement Plan Solutions
We offer a true one-stop shop for plan sponsors by providing end-to-end retirement plan solutions, encompassing administration, recordkeeping, and investment advisory services. By offering a comprehensive suite of services, we ensure that all aspects of your retirement plan are expertly managed under one roof, providing convenience, efficiency, and seamless integration.
Our team of retirement plan administrators and financial advisors possess deep industry knowledge and expertise. We stay up to date of all regulatory changes, market trends, and best practices, enabling us to provide informed guidance and recommendations. Whether it’s plan design, investment selection, or compliance issues, we are your trusted advisors, helping you navigate the complexities of the retirement landscape.